Research

Bible 3Q25 – Memory: Thesis played out. Secular growth to meet multiple compression next.

BEAD: Final Proposal; California joins the party

Vodafone/ Safaricom: More FCF accretive than one might think

Vodacom acquires a controlling further 20% in Safaricom

European Quarterly Review Q3 2025

CMCSA Quick Hit: A Merger Between NBCU and WBD?

Deutsche Glasfaser/ DT: Our take on the refinancing story

AMZN: A different AI Winner narrative emerging as Trainium3 GA + AI Factories support our above-consensus AWS estimates

OpenAI Losing the Lead to Google? Implications for Microsoft

The future of broadband 3Q25 - Our updated broadband industry forecast framework

TPU v7 (Ironwood) vs. Blackwell & Rubin: what we know so far about efficiency.

Bible 3Q25 – Ride-sharing & Delivery: Growth accelerating; margin expansion slowing

Altice International: Israel offers coming in thick and fast

Bible 3Q25 – Smartphones: Still no recovery in sight. 2026 guided to another flat year

Data Breach Implication on CPNG: Our Take

European Tariff Tracker the Black Friday month edition - November 25

Global EM Telcos & Towers –Blow out Q3 results drive another great month: NSR GEM Top-10 December ‘25 Update

The China Internet Trade Into January

Meituan: 3Q25 Results - Elevated Spending Could Persist into 2026

Altice International: The next domino has fallen; SFR 2.0